When reviewing Form 13614-C, you see the "Interest" question is marked "Yes" and the taxpayer gives you a Form 1099-INT.What should you do next?a. Input Form 1099-INT into tax softwareb. Go to the next question on Form 13614-Cc. Ask the taxpayer if they had any other interest income

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10-01-2020
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When reviewing Form 13614-C, you see the "Interest" question is marked "Yes" and the taxpayer gives you a Form 1099-INT.What should you do next?a. Input Form 1099-INT into tax softwareb. Go to the next question on Form 13614-Cc. Ask the taxpayer if they had any other interest income

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letmeanswer letmeanswer · Answer 1 · 2020-01-22T15:32:07+01:00

When reviewing Form 13614-C, you see the “Interest” question is marked “Yes” and the taxpayer gives you a Form 1099-INT. Then i should Ask the taxpayer if they had any other interest income.

Option C

Explanation:

The acquisition and understanding of all relevant taxpayer information is one of the major challenges for tax preparedness. The primary tool to collect the information is Form 13614-C. This information can be interpreted in a conversation with the taxpayer.

A preparer who guarantees that each section of Form 13614-C is completed and that all applications are recognized is ready for the filing of a full tax return. Remember that it's not enough to just have someone complete the document.

Just as significant, it is likely that the responses with the taxpayer are answered. Consider the Form 13614-C as the starting point for a significant taxpayer interview.